Financilal Aid of Caltech

I knew that Caltech would be expensive, but the good thing is that Caltech's price tag includes everything: tuition, room and board, student fees, health insurance, money for books, extra meals, and personal expenses, even travel money if you live far away. There aren't any hidden costs.

Caltech financial aid has long held to a simple policy: "If you are an admitted student whose family has insufficient financial resources to pay for all or part of your educational expenses, Caltech will provide you a financial aid award that will meet Caltech's calculation of your financial need and so make it possible for you to attend." This has created a tradition of Caltech providing unparalleled opportunities to excellent students, regardless of their families economic circumstances. 

Applying for first-time financial aid is a simple process that mirrors that of other universities. Every applicant must fill out the Free application for Federal Student Aid (FASFA) and the College Scholarship Service (CSS) Financial Aid PROFILE Application. These documents enable the Financial Aid Office to determine the amount that the student and his or her family can reasonably be expected to contribute toward a Caltech education. Any difference between that amount and the cost of attending Caltech is considered the student's financial need, and the  Financial Aid Office will prepare a student aid package consisting of a combination of scholarships, grants, loans, and work study that will fully meet that need. The sum of a student's contribution along with the financial aid award covers the entire cost of attending Caltech: tuition, room and board, student fees, health insurance, money for books, extra meals and personal expenses, even travel money if you live far away. There aren't any hidden costs.

Caltech tuition is already well below the cost for its peers, but the Financial Aid Office makes the additional effort to make it affordable for everyone. Most students are very satisfied with their financial aid package.

Caltech strives to be fair and generous with its financial aid. A student's financial standing never factors into the admissions decision. The admissions process is completely "need blind" for domestic students and applications are evaluated separately from financial aid applications. Caltech also never uses financial aid as a bartering tool to attract students. All awards are based on need alone, and no award will ever be increased to match an offer from another school. If a student receives an outside scholarship, it will go toward reducing a student's loan or work study, rather than reducing scholarship or grant awards. If a student's financial circumstances change, Caltech is very willing to reevaluate the family's current, revised financial status.

Work-Study

Many students receive federal work-study as part of their financial award, and it is very easy to find opportunities to work on campus. The number of job opportunities far out numbers the number of students on campus. The Financial Aid Office is very flexible with switching between loans and work-study, and many student work off a significant portion of their costs before they graduate. Some of the best-paying jobs are research assistant and teaching assistant. Students can also earn work-study by performing community service such as tutoring, reading to kids, or feeding the homeless. Other students work as office assistants, tour guides, ushers, or waiters. Many of these jobs have very flexible hours and pay reasonably well.

Scholarships

Caltech gives many scholarships that are need-based, but in recent years, several donations have allowed Caltech to give limited number of merit-based scholarships to incoming freshmen. These merit awards come in a range of values. There is no separate application for the merit awards; all admitted students are automatically considered. There are also a number of upper class merit awards given to sophomores, juniors, and seniors on the basis of academic excellence. These awards cover up to the full cost of tuition, and the Scholarships and Financial Aid Committee awards them to many outstanding continuing students each year.

Graduates

Thirty-two Nobel Prizes have been awarded to Caltech alumni and faculty. A Caltech education primes students for a career in scientific research, and a majority of graduates follow that path. On average, about half of Caltech graduates go on to earn a Ph.D., which is a significantly higher percentage than any other university. These are the students that Caltech is designed for-those who will dedicate their lives to the study and teaching of scientific knowledge. Caltech graduates are very successful in computing for fellowships and more than twenty each year win national and international awards.

Most freshmen enter Caltech dreaming of a professorship or a career in scientific research, but by the time graduation comes around, many find their interests are elsewhere. These students go into a variety of fields they never considered when they were in high school.

About twenty-five percent of graduates each year go straight into the workforce. Even when the economy is down, Caltech students don't have much trouble finding excellent jobs. More than one hundred companies recruit on campus each year; in a recent year graduates received offers that averaged about $61,000 and several graduates received offers in excess of $80,000. Most job offers come from the engineering and computer science industries, but an increasing number of recruiters come from the financial sector, insurance industry, and management consulting firms. More and more companies have found that the problem-solving skills, technical background, and mathematical ability of Caltech graduates apply to a wide range of activities.

This still leaves a group of graduates that doesn't fit into a particular mold. Although Caltech does not have a premedical program, each year graduates get into the top medical schools and go to earn M.D.s. A growing number of graduates are applying to law school even though there are no prelaw majors. A few students each year joint he Peace corps, travel around the world, go into teaching, or start their own businesses. The rigorous education that Caltech provides does more than train students for scientific research; it teaches skills that are valuable in almost any field.

To graduate from Caltech is to be part of an elite club of a little more than 20,000 living alumni. As an extension of the intimate culture of Caltech, the alumni network is very close-knit and supportive. Many Caltech alumni look to hire other alumni, and all are happy to help in job searches or provide business contacts. Many graduates find their way back into the Caltech community; twenty-five current faculty members their undergraduate degrees at Caltech.